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India mulls strategic crude oil reserve as Iraq war looms.
(From Agence France Presse)
Oil-starved India plans to boost its storage capacity for crude oil reserves to stave off a national crisis in emergencies such as the looming war in Iraq, officials said.
Petroleum Minister Ram Naik would Monday unveil the blueprint, which would offer India means to store crude oil to meet national demands for up to 45 days from the current 19 days, the officials said Friday.
The ambitious plan is in phases, first increasing crude oil storage capacity by five million tonnes to 24 million tonnes, petroleum ministry officials said.
The process will cost 52 billion rupees (1.1 billion dollars) and the new storage facility would be built through contributions from national oil firms and additional taxes on retailed fuel, officials said, quoting the blueprint.
"Strategic crude oil reserves aim to ensure availability of fuel in case supply lines are fractured or to partially contain the impact of extreme price volatilities in the international market," an official said.
The announcement came two days after India announced it had stored enough to weather a crisis if war erupts in Iraq or if international oil prices skyrocket.
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